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The plastic money laundry

The plastic money laundry

Source: Stanley Sienkiewicz, Federal Reserve Bank of Philadelphia

Stanley Sienkiewicz of the Federal Reserve Bank of Philadelphia discusses the potential money laundering threat that pre-paid cards face as they enter the mainstream of consumer payments.

Over the past year, several government agencies have issued reports describing the threat to the US financial system, including the use of pre-paid cards by money launderers.

This paper incorporates the presentations made at a workshop hosted by the Payment Cards Center at which Patrice Motz, executive vice president, Premier Compliance Solutions, and Paul Silverstein, executive vice president, Epoch Data Inc., led discussions. These two leading anti-money laundering strategists explained how money laundering occurs in financial payments and how firms can mitigate and detect money laundering activities.

Sienkiewicz provides an overview of money laundering, describes how pre-paid cards could be abused, and outlines how both the government and the payment sectors have responded to mitigate risks.

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